GAMCO Asset Management (UK)

GAMCO's non-U.S. affiliate GAMCO Asset Management (UK) Limited provides products and services designed specifically for overseas investors. GAMCO does not offer these products or services outside their intended countries or regions, and purchase orders from U.S. investors will not be accepted, subject to limited exceptions.

The information available through accessing GAMCO Asset Management (UK) Limited has been prepared and is maintained by non-U.S. affiliates of GAMCO Investors, Inc. Access to this material by U.S. residents is for informational purposes only and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security under U.S. law. All content contained therein should be considered, and is subject to, the specific regulatory requirements under which GAMCO Asset Management (UK) Limited operates.

To reach the web site of a non-U.S. affiliate of GAMCO Investors, Inc., please click here.

Gabelli Japan, K.K.

GAMCO's non-U.S. affiliate Gabelli Japan, K.K. provides products and services designed specifically for overseas investors. GAMCO does not offer these products or services outside their intended countries or regions, and purchase orders from U.S. investors will not be accepted, subject to limited exceptions.

The information available through accessing Gabelli Japan, K.K. has been prepared and is maintained by non-U.S. affiliates of GAMCO Investors, Inc. Access to this material by U.S. residents is for informational purposes only and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security under U.S. law. All content contained therein should be considered, and is subject to, the specific regulatory requirements under which Gabelli Japan, K.K. operates.

To reach the web site of a non-U.S. affiliate of GAMCO Investors, Inc., please click here.

Objective

The Gabelli ESG Fund seeks capital appreciation.

Principal Investment Strategies:
The Fund seeks to achieve its objective by investing substantially all, and in any case no less than 80%, of its assets in common and preferred stocks of companies that meet the Fund’s guidelines for social responsibility at the time of investment. Under normal market conditions, the Fund invests its assets in stocks that are listed on a recognized securities exchange or similar market, such as the National Market System of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The Fund may also invest in foreign securities, including those in emerging markets, and in securities that are convertible into common stocks. The Fund focuses on investments in companies whose securities are trading at a material discount to their private market value (“PMV”). PMV is the value the Adviser believes an informed industrialist would be willing to pay for a company.

Socially Responsible Criteria. The Fund combines a differentiated, value-oriented investment philosophy with social screens and a holistic ESG (Environmental, Social, Governance) analysis to deliver returns in a socially responsive manner. The Adviser employs a social screening overlay process at the time of investment to identify companies that meet the Fund’s social guidelines. Pursuant to the guidelines, the Fund will not invest in publicly traded fossil fuel (coal, oil, and gas) companies, the top 50 defense/weapons contractors, or in companies that derive more than 5% of their revenues from the following areas: tobacco, alcohol, gaming, and defense/weapons production. The Fund utilizes MSCI’s ESG ratings to assist in its holistic analysis of each company considered for investment.

After identifying companies that satisfy these social criteria, the Adviser then will invest in securities of companies that the Adviser believes are trading at a material discount to PMV. The Adviser will monitor each holding on a regular basis to ensure its compliance with the Fund’s guidelines. Securities that no longer meet these guidelines will be sold within a reasonable period of time after the Adviser makes such a determination. Securities may also be sold if the Adviser believes the securities no longer appear to be underpriced relative to their PMV, or if there is a change to an underlying industry or company that the Adviser believes may negatively affect the value of such securities.

You May Want to Invest in the Fund if:

you are a long-term investor;

you seek capital appreciation;

you want exposure to equity investments in companies the Fund deems to be socially responsible;

you believe that the market will favor value over growth stocks over the long term; and

you wish to include a value strategy as a portion of your overall investments.

Portfolio details

Effective May 17, 2016, the Fund changed its name from The Gabelli SRI Fund to The Gabelli ESG Fund. The name change reflects the Fund's broadened, proactive approach to consider environmental, social and governance issues in today's investment landscape.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800-GABELLI or visit www.gabelli.com.

The Gabelli Mutual Funds are distributed by G.distributors, LLC., a registered broker-dealer and member of FINRA.